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Today, I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extending the lifespan of your business.
We’ll discuss what each of these cycles means and how they can individually contribute to expanding your business’s lifespan.
This phase is generally considered the technician’s phase, where the owner is involved. At this point, the relationship between the business and the owner is comparable to that of a parent and a new baby. An unbreakable bond is necessary to determine the path your business will follow. You should never drop your baby.
The key is to understand that your business must grow in order to flourish. You cannot remain in this stage indefinitely.
In this stage, you need to begin assembling your support staff for delegation, facilitating business growth. The first line of defense is your technical personnel, as they should possess a certain level of technical expertise. However, this cycle primarily falls under the manager’s responsibility. The planning stage must begin, and a relationship should be established with the entrepreneur to plan for the future.
In every business, there comes a point when growth leads to chaos. This is known as ‘growing pains.’ It’s a good problem to have, but a problem nonetheless.
The final cycle is maturity, but this doesn’t signify the end of your business. Your passion for growth must persist for your business to succeed. You must maintain an entrepreneurial perspective to drive your business forward.
You can see how all four of these cycles are interconnected and rely on a strong foundation for your business to achieve and maintain success. Your three key roles (the technician, manager, and entrepreneur mentioned in my previous post) must also collaborate to navigate these cycles effectively.